Ferrari to Cash in from The thriving South Korean Market
South Korea has come out as a key market for luxury and sport vehicles as the country is rising the ladders of economic growth. Ferrari has made a point to cash in the wealth as the country has a huge demand of the sports vehicles. While zeroing in on the South Korean car market, Ferrari is also planning to capture the Vietnamese markets. Ferrari’s growth in the Japanese market has been tremendous, the market share rose to 58% as compared to 54% in 2011 during the same period. At present there are over 17 dealers in Japan, South Korea, Malaysia, Singapore, Indonesia, Thailand, New Zealand and Australia and with a recently opened showroom in Philippines.
South Korean economy is likely to grow by 3.5 percent this year and expected to see a rise of 4.2% in the next year as per the Bank of Korea. Sales have seen a rise of 777 cars across the markets of China, Hong Kong, and Taiwan, going high by 63%. Only China accounted for near about 500 of these sales. The delivery saw an increase of 9.5% i.e. 7,195 cars, with Ferrari expecting orders from Japan to rise by 10% in the current FY. A dealership was also opened in the Osaka’s business district and it will use more of the trademark RED in designs, as the color is considered lucky in Japan. The Japanese market appreciates the luxury and the exclusivity Ferrari car offers. As there are more and more customers who want tailor made cars as the spending capacity of an average person is around 45,000 euros, generating revenues from this market won’t be a problem for Ferrari.
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